There have been a million jobs created under the Trump administration, and that’s why wage growth is strong, Treasury Secretary Scott Bessent said during a policy event with Breitbart News on the state of the economy.
Bessent spoke about the state of the American economy under the leadership of the Trump administration and described the underlying fundamentals as “fantastic and accelerating.”
“There was a thought that kind of the equilibrium, the balancing jobs number would be between zero and 40,000 because we have done the unthinkable and control the border and have had deportations, and now we’re averaging 80,000, so we’re averaging 2x, and then we have this blowout number,” Bessent said, noting that these are “private sector jobs.
“So there have been a million of these jobs created, and that’s why the wage growth is good. And I’m not surprised,” the secretary said, describing the best part of his job, which is “watching policy become people.”
“I tell people the best part of my job is not President Trump calling me in the middle of the night. Scott, did I wake you up? No, sir. I’m always awake at 1:52 on a Tuesday. For me, the best part of my job is going out, and I call it watching policy become people, and when I think about the Working Families Tax Cut, One Big Beautiful Bill — what was beautiful about that bill? I think it’s the symmetry of it,” Bessent explained.
“Because on one side, it was the powerful corporate incentives, and the corporate incentives, 100 percent expensing for equipment, 100 percent expensing for factories, 100 percent expensing for [agriculture], and then on the other side, the president keeping his… signature tax policies,” he said, noting that those are no tax on tips, no tax on overtime, and reducing taxes on Social Security.
“Eighty-five percent of our seniors will not pay taxes on Social Security and deductibility on interest of American-made cars,” he said. “And if you think you’re powering this in this manufacturing and business boom, but at the same time Americans get to keep more of their money. And I just think like it’s that symmetry.”
“And when I think about the economy now, when I say it’s good that core inflation is flat to down, we’ve got a short-term price spike or a short-term spike in headline inflation due to energy. We will get to the other side of the Iran conflict, but what’s different now is wages are up, so… the median worker is breaking even,” he continued, explaining that a quarter of earners have a one percent real wage increase.
“And I say sometimes I feel like an emergency room doctor, that the Biden economy just was like American people got hit by a truck. They had to stabilize the patient. We spent six, 9, 12, months stabilizing the patient, and now that we are in the normalization phase, and I think that’s right where we are now, and I think we’re going to accelerate out of this,” the Treasury Secretary added.
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